Pacwest Financial Management Inc buys $3,451,134 stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Pacwest Financial Management Inc scooped up 1,666 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 25, 2016. The investment management firm now holds a total of 67,749 shares of Verizon Communications which is valued at $3,451,134.Verizon Communications makes up approximately 2.22% of Pacwest Financial Management Inc’s portfolio.

Verizon Communications opened for trading at $51.22 and hit $51.45 on the upside on Monday, eventually ending the session at $51.32, with a gain of 0.75% or 0.38 points. The heightened volatility saw the trading volume jump to 1,11,03,773 shares. Company has a market cap of $209,195 M.

Other Hedge Funds, Including , Wilbanks Smith Thomas Asset Management boosted its stake in VZ in the latest quarter, The investment management firm added 454 additional shares and now holds a total of 40,716 shares of Verizon Communications which is valued at $2,074,073. Verizon Communications makes up approx 0.25% of Wilbanks Smith Thomas Asset Management’s portfolio.Mechanics Bank Trust Department reduced its stake in VZ by selling 108 shares or 0.19% in the most recent quarter. The Hedge Fund company now holds 57,489 shares of VZ which is valued at $2,906,069. Verizon Communications makes up approx 1.12% of Mechanics Bank Trust Department’s portfolio.Gulf International Bank (uk) Ltd boosted its stake in VZ in the latest quarter, The investment management firm added 11,050 additional shares and now holds a total of 1,221,930 shares of Verizon Communications which is valued at $61,768,562. Verizon Communications makes up approx 1.04% of Gulf International Bank (uk) Ltd’s portfolio.Prospera Financial Services Inc boosted its stake in VZ in the latest quarter, The investment management firm added 3,332 additional shares and now holds a total of 63,000 shares of Verizon Communications which is valued at $3,235,050. Verizon Communications makes up approx 0.72% of Prospera Financial Services Inc’s portfolio. Contravisory Investment Management added VZ to its portfolio by purchasing 39 company shares during the most recent quarter which is valued at $2,003.

On the company’s financial health, Verizon Communications reported $1.06 EPS for the quarter, based on the information available during the earnings call on Apr 21, 2016. Analyst had a consensus estimate of $1.06. The company had revenue of $32171.00 million for the quarter, compared to analysts expectations of $32481.10 million. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Shares were Reiterated by RBC Capital Mkts on Apr 26, 2016 to “Outperform” and Lowered the Price Target to $ 56 from a previous price target of $58 .Company shares were Reiterated by Barclays on Apr 18, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 52 from a previous price target of $51 .Verizon Communications was Downgraded by Jefferies to ” Hold” on Apr 7, 2016.

Verizon Communications Inc. (Verizon) is a holding company that acting through its subsidiaries provides communications information and entertainment products and services to consumers businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment includes the Cellco Partnership doing business as Verizon Wireless. Wireless’ communications products and services include wireless voice and data services and equipment sales which are provided to consumer business and government customers across the United States. Wireline’s voice data and video communications products and services include broadband video and data corporate networking solutions data center and cloud services security and managed network services and local and long distance voice services. Verizon provides these products and services to consumers in the United States as well as to carriers businesses and government customers both in the United States and around the world.

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